pingmei coal(601666) 信达证券·2025-03-21 12:33Investment Rating - The investment rating for Pingmei Shenma Energy Co., Ltd. is "Buy" [4] Core Views - The company's performance is impacted by production fluctuations, but the high-quality coking coal and "going out" strategy provide growth opportunities [5][8] - In 2024, the company reported a revenue of 30.281 billion yuan, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year [1][2] - The average selling price of the company's coking coal increased by 7.10% year-on-year to 1,033 yuan/ton, despite a decline in production and sales volume [5][8] Summary by Sections Financial Performance - In 2024, the company produced 27.53 million tons of raw coal, a decrease of 10.35% year-on-year, and sold 27.20 million tons of commercial coal, down 12.34% year-on-year [5] - The gross profit margin for the coal business in 2024 was 28.68%, a decrease of 3.64 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 1.417 billion yuan, which represents 60.31% of the net profit attributable to shareholders [5] Capital Expenditure and Shareholder Returns - The capital expenditure plan for 2025 is set at 4.149 billion yuan, a decrease of approximately 1.2 billion yuan from 2024 [5] - The company has initiated a share buyback program with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, reflecting confidence in long-term development [6][8] Strategic Initiatives - The company is actively implementing the "East Introduction and West Going Out" strategy, acquiring high-quality coal resources in Xinjiang [8] - The company aims to enhance its core competitiveness and sustainable profitability through resource acquisition and strategic investments [8] Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 2.545 billion, 2.819 billion, and 2.939 billion yuan respectively [8] - The price-to-earnings ratio (P/E) for 2025-2027 is projected to be 8.74, 7.88, and 7.56 times respectively, indicating potential for earnings growth [8]